Blog entries by cdub

Welcome to the Mortgage Payoff Club! We're a private club that's seriously weird about paying off our mortgage crazy early. Imagine a life without a mortgage payment!

We've even had EIGHT members already do it! Click here to request club membership.

I thought it'd nice to do an annual status report grading my progress paying off the mortgage. Above is a graph comparing my current progress in paying off the mortgage vs what my mortgage balance would be without paying extra. But first.... some stats: Original Balance: $288,225.00 Interest Rate: 3.99% Total Interest Paid without Extra Payments: $206,547.64 Original Payoff Date: 7/1/2042 2042 is way too long to wait. I started 2020 with a balance of $230,352.80 and my current...
What is the best way to use YNAB's Budget Categories? I've been using YNAB since way back when it was on version 3 where it ran on your PC or Mac (so around 2010) so I've gone through a ton of different ideas on category organization.... The default categories that YNAB defaults too are an okay starting point but it seems to leave out SAVINGS?!? which is a pretty big miss. One category system that I've used in the past (and I am probably going to start using again in 2021) is inspired by...
Having a 3 to 6 months of expenses in an Emergency Fund is EXTREMELY important. It'll stop you from reaching for that credit card and going into debt during emergencies such as losing your job or your transmission blowing up. (a GREAT way to figure out your total needed monthly expenses is to use this category method in YNAB). But the questions is... what is the best way to handle your emergency fund in YNAB? Basically there are 3 methods and each have a bunch of Pros and Cons. Option 1...
NOTE - When this article was written it refers to the old version of YNAB, YNAB4.. a new web based version is out. (which is still awesome - just a little different) I absolutely love this program. Is it strange to love a financial and budgeting program? Maybe not... after all... after using YNAB my net worth and piece of mind has soared and my stress has dropped tremendously. I was searching for a replacement for Quicken on the Mac as I was sick and tired of Intuit getting rid of support...
What? I'm badmouthing YNAB? The best budgeting or personal finance software out there? That's impossible! But yes it is. They can't be perfect all the time. I'm sorry Jesse and the YNAB team... but there is one glaringly HUGE FLAW in the default YNAB budgeting categories. The default budgeting category groups and categories are the following: Immediate Obligations Rent/Mortgage Electric Water Internet Groceries Transportation Interest & Fees True Expenses Auto Maintenance Home...
I'm a huge YNAB fan. Luckily it's quite easy to accurately track your mortgage in YNAB. What I like to do is to create a "Tracking" off-budget account for the mortgage. Simply click the "Add Account" in the bottom left and choose Unlinked (you can link later). Account type will be liability. Nickname is up to you and then enter the current balance. Then, whenever I make a mortgage payment I just transfer money in YNAB to that account and assign the transaction my "Mortgage" category. But...
Want an easy way to calculate how fast you can pay off your mortgage with extra payments? There are a lot of Mortgage Payoff Calculators out there but I decided to learn something new and create one myself using Google Sheets. After all it's just math? Can't be that hard... right? Right? It took about an hour and some trial and error but in the end I created something great that will calculate how much quicker I can pay the loan off with extra payments and it also compares it to if I don't...
The new version of YNAB is out and I've fully switched over to it. It's fully web based - which means that it'll run on my trusty Chromebook without any modification. (I still have my Chromebook modified so that I can use a local FTP program in Linux - don't trust web based ones yet) The slight bummer is that it is now a monthly or yearly fee to be used... ($45/year in my case) but the good news with this is that they now update it VERY frequently so it keeps getting better and better...
Inspired by Dave Ramsey's "Total Money Makeover" and the blog Budgets are Sexy, I decided to create this club to help find like minded individuals who can join me on this journey towards a mortgage free life. Just like how one does better at working out with a partner (or partners), working on paying down our debt together will help us keep at it so we can reach our goal. Being a freelancer with an unsteady income, the idea of having no payments whatsoever is extremely alluring. We’ve...
Why payoff your mortgage? Freedom. I haven't had a car payment in 6 years and I REALLY love that feeling. Imaging that feeling but having a paid off house. That'd be bliss. Why payoff your mortgage? Less stress. I'm freelance and the sole earner for my family of five. I've been blessed with working relatively constantly but that isn't guaranteed. Having a paid of mortgage would give me peace of mind and significantly reduce the worry that I have during the dry spells. Why payoff your...
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